Aduro Clean Technologies, a Canadian developer of chemical recycling technologies, filed on Tuesday with the SEC to raise up to $6 million in an initial public offering. The company is currently listed on the Canadian Securities Exchange (ACT), the OTC (ACTHF), and the Frankfurt Exchange (9D50).
Audro is developing a highly flexible chemical recycling platform featuring three unique technologies: Hydrochemolytic Plastics Upcycling, Hydrochemolytic Bitumen Upgrading, and Hydrochemolytic Renewables Upgrading. These technologies transform lower-value feedstocks into useful, higher- value chemical feedstocks and fuels. The company's future business model is based principally on licensing, royalties, and research and development, though it is still investigating different business models that may be a better fit to its operations and bring greater value to stakeholders. Aduro has generated minimal revenues to date.
The London, Canada-based company was founded in 2011 and plans to list on the NYSE American but has not selected a symbol yet (RC ticker: ADRO.RC). EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
